Between the aging population and the impending skills shortage facing the insurance industry, the role of workers older than 55 has become more and more important.
Recent numbers from McKinsey & Co. shows the average age of an insurance agent is 59, with one-fourth of the current workforce eligible for retirement by 2018.
And while many in the industry are focused on hiring the next generation of insurance professionals in the face of these numbers, many see the pool of those past 65 as an untapped potential for agency managers.
There were also disadvantages, however, such as a less experienced workforce, as well as a higher turnover rate.
“The make-up of our workforce is very different than it was in the past, and that mirrors our customer base. We have a multi-generational and diverse workforce, and we have an equally diverse customer base,” said BMO chief talent officer Lynn Roger. “I think it’s finding the right balance between the generations and having managers trained in managing a diverse workforce.”
BMO Financial Group offers ‘people care’ days, when staff can take time to care for relatives, and not only children, so Baby Boomers can care for elderly or ill parents.
In the past there have been distinct differences between younger workers, who were often focused on buying homes and caring for their children, while mature workers were preparing for retirement. That changed as people had children later in life, remarried and combined families or any number of other possibilities, Roger said.
Both experts stress that the needs of the mature worker aren’t that different to the needs of everyone else, and the steps that will support older workers will also help the rest of the workforce.
“It’s the variety of the assistance that we have,” said Roger, “and the focus on enabling the individual to give work their all because they have the supports allowing them to live their life and care for their families.” (continued.)
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A key difference that mature workers may appreciate was the ability to transition smoothly and slowly into retirement by working part-time and taking on a mentoring role with upcoming employees.
“Individuals want to work longer and they’re fully engaged and committed,” said Roger. “Why wouldn’t we want to benefit from that?”
